Connaught, the property and environmental services giant, is expected to formally enter administration later this month, after amassing a debt totalling £220m.

The social housing company has previously been involved in a number of low carbon retrofit programmes, but has been forced to call in administrators and suspend its shares.

Before calling in administrators KPMG, the company issued a statement, saying: "The ability to provide an adequate solution to the funding issues the group faces has become increasingly uncertain." Public sector cuts and unprofitable contracts are being blamed for the company’s failure.

Headquartered in Devon, the company has been in operation since 1982, providing property services and more recently, specialising in grounds and waste maintenance, and forestry services. Turnover recently soared to £660 million, and was involved in green makeover programmes such as Retrofit for the Future, targeting social housing stock for retrofitting.